123,998 Shares in EchoStar Corporation $SATS Purchased by Caxton Associates LLP

Key Points

• Caxton Associates LLP has acquired a new position in EchoStar Corporation, purchasing 123,998 shares valued at approximately $3.17 million during the first quarter.
• Several other hedge funds have significantly increased their stakes in EchoStar, with notable increases from Farther Finance Advisors and Brooklyn Investment Group, contributing to a total of 33.62% institutional ownership in the company.
• EchoStar reported a quarterly earnings per share of -$1.06, which exceeded analysts' expectations, although its revenue of $3.72 billion fell short of the projected $3.80 billion.

Caxton Associates LLP bought a new position in shares of EchoStar Corporation (NASDAQ:SATS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 123,998 shares of the communications equipment provider's stock, valued at approximately $3,172,000.

Other institutional investors also recently bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings in EchoStar by 8,125.0% during the first quarter. Farther Finance Advisors LLC now owns 987 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 975 shares during the period. State of Wyoming acquired a new stake in EchoStar in the fourth quarter valued at approximately $47,000. Fifth Third Bancorp boosted its stake in EchoStar by 44.5% in the first quarter. Fifth Third Bancorp now owns 1,841 shares of the communications equipment provider's stock valued at $47,000 after acquiring an additional 567 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of EchoStar by 39.6% during the first quarter. GAMMA Investing LLC now owns 3,441 shares of the communications equipment provider's stock worth $88,000 after buying an additional 976 shares during the period. Finally, Brooklyn Investment Group lifted its stake in shares of EchoStar by 70,980.0% during the first quarter. Brooklyn Investment Group now owns 3,554 shares of the communications equipment provider's stock worth $91,000 after buying an additional 3,549 shares during the period. 33.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft set a $105.00 price objective on shares of EchoStar in a research note on Tuesday. TD Cowen raised their target price on shares of EchoStar from $28.00 to $67.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Morgan Stanley raised their target price on shares of EchoStar from $59.00 to $91.00 and gave the stock an "equal weight" rating in a report on Tuesday. Cowen reissued a "buy" rating on shares of EchoStar in a report on Wednesday, August 27th. Finally, Citigroup reissued a "neutral" rating on shares of EchoStar in a report on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $63.90.

Insiders Place Their Bets

In related news, COO Paul Gaske sold 45,000 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $80.25, for a total transaction of $3,611,250.00. Following the transaction, the chief operating officer directly owned 1,593 shares in the company, valued at approximately $127,838.25. The trade was a 96.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 55.90% of the company's stock.

EchoStar Price Performance

Shares of SATS stock traded down $3.68 on Wednesday, reaching $79.89. 4,710,001 shares of the company were exchanged, compared to its average volume of 8,043,385. The company has a market cap of $22.99 billion, a price-to-earnings ratio of -76.09 and a beta of 0.99. The business has a 50-day moving average price of $38.11 and a 200 day moving average price of $28.64. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.15 and a current ratio of 1.22. EchoStar Corporation has a 1 year low of $14.90 and a 1 year high of $85.37.

EchoStar (NASDAQ:SATS - Get Free Report) last released its earnings results on Friday, August 1st. The communications equipment provider reported ($1.06) EPS for the quarter, topping analysts' consensus estimates of ($1.12) by $0.06. The business had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.80 billion. EchoStar had a negative net margin of 2.04% and a negative return on equity of 1.58%. The company's quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.76) earnings per share. Equities research analysts forecast that EchoStar Corporation will post -1.99 earnings per share for the current fiscal year.

About EchoStar

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.